Question
4. Your goal is to amass $1 million in a new savings account that pays a 10% EAR. If you save $3,000 annually, how many
4. Your goal is to amass $1 million in a new savings account that pays a 10% EAR. If you save $3,000 annually, how many years until the value of your savings account will be worth $1 million? (Do not round intermediate calculations. Round the final answer to 2 decimal places)
5. A bond with 15 years to maturity pays a 6.1% coupon annually. Currently, the bond sells for par value. What is the bonds YTM? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.)
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